Pre-revenue ProfileThe company reports no revenue across reported periods, meaning it has not yet established operating sales from royalties. Structural absence of revenue forces reliance on financing or asset transactions, limiting margin development and internal cash generation over the medium term.
Weak Cash GenerationOperating and free cash flows are persistently negative, with a large -994.5k outflow in 2025. Ongoing cash burn constrains the firm's ability to acquire royalties, meet obligations, and execute strategy without dilutive or costly external capital, creating sustainability risk.
Historic Balance-sheet VolatilityPast negative equity and meaningful 2024 debt indicate balance-sheet volatility and reliance on financing events. That history implies higher dilution and funding risk when competing for royalties, and it raises questions about stability during commodity or capital-market stress.